I too am having the same problem. I've tried creating the tables using the SQL in the cforms-global-settings.php file manually in phpmyadmin. It seems to stumble on the Default Charset=utf8 portion of the code which I replaced with Character Set utf8;
So no it reads "CREATE TABLE cformsubmissions (id int(11) unsigned auto_increment,
form_id varchar(3) default '',
sub_date timestamp,
email varchar(40) default '',
ip varchar(15) default '',
PRIMARY KEY (id) ) ENGINE=MyISAM CHARACTER SET utf8;" and it works in phpmyadmin however the tables still aren't recognized and if I update the code in the cforms-global-settings.php file and try it still doesn't create the tables. What am I missing here. I tried the table names as wp_cformsubmissions as well and that doesn't help.
What can I do?